Cardano’s native token has been on a tear over the past several days, but its rally stalled today (August 26) as the broader market pulled back a bit.
While most analysts remain bullish on the asset, some believe a double-digit decline from the current levels could also be on the horizon.
Bulls vs. Bears
ADA has soared by 22% over the past two weeks, following the market’s revival prompted by the monetary changes announced by the US Treasury Department, among other factors.
At one point, the asset rocketed to a three-month high above $0.25, but the past 24 hours have delivered a correction. As of press time, ADA trades at around $0.21, representing a 6% decline on a daily scale and is among the biggest losers within that timeframe.
X user SBlockSpy noted that the token got rejected around $0.22 and is closely monitoring the pullback. They claimed that the move shows sellers are active and predicted a deeper downtrend to as low as $0.164 if the dump continues. At the same time, the analyst believes that if buyers step up here, they might trigger an initial surge to $0.24, then $0.30.
Rand Group also recently chipped in. Earlier this week, the X user highlighted ADA’s strong breakout, claiming it has breached the main downtrend resistance. However, they remain uninterested in the asset until it consolidates above the $0.25 resistance.
For their part, More Crypto Online cast doubt on whether a certain “B-wave” pullback has begun, adding that as long as ADA holds above $0.157, the upside momentum remains and could push the price to the $0.314-$0.404 range.
Entirely Optimistic Forecasts
It is important to note that other popular X users stand firmly on the bullish side. Earlier this month, Lucky told their nearly two million followers that ADA is among their “hot picks,” envisioning a short-term ascent to almost $0.50. The last time the token traded that high was in November last year.
CW is another optimist. The analyst opined that ADA has broken through a major resistance line and transitioned into a bullish trend.
“The long downtrend is over. The real bull market has begun,” they added.
The post Cardano (ADA) Slips 6% in 24 Hours: Healthy Correction or the Return of the Bears? appeared first on CryptoPotato.